Fast track for FDI projects

By Our Special Correspondent

NEW DELHI, SEPT. 11. The Central Government has asked the fast track committees set up in various ministries to meet regularly to resolve difficulties encountered in implementation of projects involving foreign investment. This directive has been given as a follow up to the strategy announced by the Commerce and Industry Minister, Mr. Murasoli Maran, for a sharper focus on implementation of foreign direct investment projects by further strengthening of the Foreign Investment Implementation Authority (FIIA).

Apex industry associations such as the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry and the Associated Chambers of Commerce and Industry have also been requested to bring the difficulties being faced by their members to the notice of FIIA for resolution in consultation with the authorities concerned.

An official releas issued by the Commerce and Industry Ministry says the FIIA, to begin with, has established contact with companies having projects with estimated cost exceeding Rs. 100 crores on difficulties being faced by them. The strategy on fast track projects envisages frequent and intensive interactions with the ministries and states on issues hampering implementation of FDI projects.

A meeting of the FIIA under the Secretary, Department of Industrial Policy and Promotion, was held on August 31 to discuss the difficulties being faced in project implementation with investors. Besides the investors, Central ministries and State governments concerned also participated. Out of the 39 issues that were brought before the FIIA, ten issues have been fully resolved while another six have been resolved partially. Remaining issues are under consideration of the ministries and State governments concerned which have agreed to resolve them expeditiously.

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Section  : Business
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